Big companies close by room for growth in the area.

3. 9k closing costs but how much is your down payment?

Coops in NYC will require 2 years maintenance and mortgage payments to be available post-closing. 

Details below...We need a FAST cash-out loan product that requires only the personal guarantee of my business partner (60% ownership) to be used for: completing the remaining rehab and getting the 1st house rent ready, paying off revolving credit accounts to get her credit score up, and funding the other projects we have in the works.To help bring you up to speed on what's transpired over the 11 weeks we've been in business...We started our business on Dec 1, 2023, leveraged our "then" good credit/high w2 incomes to bootstrap the startup, assembled a rehab team, and are now about 2 weeks out from the completion of our 1st rehabbed property.We've closed on 3 properties, all owned free/clear, and have paid for renovations with personal funds/credit.My credit score was 810, but is now 592, due to excessive debt but 100% on-time payments, therefore can't personally guarantee a loan.My business partner's score is currently in the 700s, but likely wont be for long, due to her revolving credit % continuously increasing, as we push towards the completion of the first rehab utilizing her remaining credit on her CCs.Recently, I started researching the underwriting timeline for DSCR loans. 

Check out the Neighborhood Assistance Corporation of America (NACA).NACA was formed in 1988 and provides an affordable option for potential first-time buyers:✅ No down payment✅ No closing costs or fees✅ No mortgage insurance✅ No consideration of credit score✅ Below market fixed interest rateThere are several requirements to be eligible, starting with attending one of their workshops.https://www.naca.com

We ended up making about 25k after closing and realtor fees.

What are the typical challenges after you close on a new purchase?

We have clients in Tacoma that are in the same boat, they've been investing in Idaho since it's so close and it's a VERY landlord friendly state. 

I recall closing on several small multifamily deals that year and joking with my broker that "the time to make money in real estate is when you buy it."

I've found a couple of options, but not sure how legit they are:-Delayed financing prior to 6 months, but only based on purchase price and closing costs, not ARV which isn't ideal.